Financial Development And China’s Export Structure

Compared with the traditional factor endowments such as labor, capital, non-traditional elements including system and technology become more important in a country’s export competition,of which, the level of financial development impact on a country’s export structure attracted a lot of attention.The theoretical study shows that financial development can not only directly affect a country’s export structure, but also through technical progress effect indirectly promote the optimization of export structure, and more facts indicate that:the higher the level of financial development of a country, the export competitiveness of its goods is often stronger and the optimization of goods export structure becomes higher,and Based on this, this paper adopts the method of combining theoretical analysis and empirical analysis to analysis the effect of financial development to China’s export structure, hoping to draw a referential conclusion and suggestion.The first chapter describes the background and significance of the study, summarize the research scholars and explain the contents and methods;second chapter analysis the direct role of financial development in promoting the export structure from the national level,the industrial level and the enterprise level;the third chapter using the detailed data to describe and analysis the relationship of China’s financial development, technological progress and tthe export structure;the fourth chapter first applies principal component analysis to deal with various variables of financial development, and then use ADF test, cointegration test and error correction to analysis the overall relationship between financial development, technological progress and export structure and finally analysis the intermediary effect of the nation and three different areas;The fifth chapter draw the conclusion according to the above analysis and put forward the corresponding policy recommendations,Based on the analysis above,the paper draws the conclusions below:(1)financial development can affect export structure by changing the comparative advantage、 easing export financial demand and providing capital requirement for technological progress;(2)China’s financial development level of ascension in the past was mainly from the expansion of financial development, and there is still a large room to improve in technological progress and export structure;(3)Financial development and technological progress of the early influence on current export structure is more obvious,the three exist a long-term equilibrium relationship;(4)the finally intermediary effect of test show that the technology intermediary effect in eastern is relatively obvious, the Midwest is not significant, the nationwide exists technical intermediary effect, but compared to the east, the effect is relatively low.In order to make better use of financial development to promote the role of export structure, the paper put forward the following suggestions:Firstly,reform and deepening of the banking system,making better use of bank intermediary; Secondly,improve the multi-level capital market, strengthen the service capacity of small and medium sized enterprises.